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C29 Metals
Investor Insight
A high-grade uranium explorer looking to grow its strategic footprint in southern Kazakhstan, C29 Metals is well-positioned to take advantage of a rapidly expanding uranium market and provide significant shareholder value.
Overview
C29 Metals (ASX:C29) is a Perth, Australia-based uranium mineral exploration company with assets in Kazakhstan. The company’s recently acquired flagship asset, the Ulytau uranium project, represents a “transformative acquisition” that places C29 Metals in a strategic position to leverage a rapidly growing global uranium market and Kazakhstan’s rich uranium resource and established mining infrastructure.
The Ulytau project is located near Lake Balkhash in South Kazakhstan and situated 15 km south of the Bota-Burum mine, one of the largest uranium deposits mined in the former Soviet Union.
Kazakhstan is considered a top mining country for the following reasons:
- It has a well-developed transportation infrastructure and abundant energy resources, ensuring a stable power supply for mining operations.
- It was ranked 25th by the World Bank for” ease of doing business.”
- As the world’s top uranium producer, Kazakhstan represents 43 percent of the global market.
- It is the lowest-cost producer, globally.
- It holds 12 percent of the world’s uranium resources.
Kazakhstan’s strategic location in Central Asia also provides easy access to major markets in Europe, China and Russia, and the flagship Ulytau uranium project is located 3.5 hours from the country’s largest city of Almaty.
The local village of Aksuyek has a population of ~700 people and will support C29 Metals’ exploration efforts in the near-to-mid-term, providing a base of operations and support services.
The uranium market is expected to grow over the next 10 years, with the World Nuclear Association projecting a 28 percent increase in uranium demand from 2023 to 2030. As electricity demand potentially increases by about 50 percent by 2040, there is significant opportunity for increasing the global nuclear energy capacity, especially as the world continues to pursue its clean energy agenda and a low-carbon economy.
Company Highlights
- Focused on uranium exploration in the top uranium-producing jurisdiction of Kazakhstan, with a newly granted tenement and new license applications in progress (252 sq km) and strong community support from local neighboring village members.
- Flagship Asset: The Ulytau project, located in southern Kazakhstan, 15 km south of Bota-Burum, one of the largest Soviet-era uranium mines in the heart of one of the world’s most prolific uranium-producing regions.
- Experienced Leadership: Seasoned board and management team led by Shannon Green, an executive with over 25 years of experience.
- Positive Market Outlook: Demand for uranium is expected to increase by 28 percent by 2030, and 51 percent by 2040.
Key Projects
Ulytau Uranium Project
Figure 2 – Ulytau project location in relation to other Kazakhstan Uranium mines.
The Ulytau Project is located in the Almaty Region of Southern Kazakhstan, approximately 15 km southwest of the Bota-Burum mine, which is one of the largest uranium deposits mined in the former Soviet Union.
Exploration for uranium has been carried out in the area since 1953. Uranium production at the Bota-Burum mine, next to the village of Aksuyek, commenced in 1956 and continued until 1991. Total mined reserves of Bota-Burum are quoted at 20,000 tonnes of uranium (44 million pounds).
C29 Metals has lodged two (2) new license applications with the Ministry of Natural Resources. The licenses are designed to cover ~18 km of additional prospective strike.
The Southern application, the largest of the two (2) applications, was granted on the 1 August 2024 and is contiguous with the Ulytau license area and sits immediately to the South and East of the Ulytau Uranium project tenement boundaries. The Southern application area is ~213 km2. The Northen tenements licence was granted on September 3, 2024.
The Southern tenement is interpreted as having a similar mineralised trend to that of the existing Ulytau Project area (refer to ASX announcement “License Applications Lodged around Ulytau Uranium Project” dated 24 July 2024 and the further clarification on 25 July 2024).
The Northern tenements, meanwhile, sits to the north of the Ulytau uranium project tenement and immediately north of the historic Bota Burum uranium mine. The Northern licence application area is ~39 sq km.
C29 Metals is commencing exploration work at Ulytau, following receipt of a category 4 exploration approval on August 7, 2024, which will include geophysical, field mapping and soil sampling programs.
Figure 3 – The interpreted mineralised Uranium trend with the newly granted southern license and northern application
Local Community Support
The company has held two community consultation days at the local community of Aksuyek, with a population of about 700 people, located roughly 20 km from the Ulytau project area. The community of Aksuyek have shown their strong support for the company’s planned exploration programs. Aksuyek will provide a base of operations for the work programs and can provide many of the required support services to the company.
A social support agreement was signed on July 9, 2024, with the district government providing the framework for the company to assist the village of Aksuyek with projects aligned to the social development of the community. This very important agreement demonstrates the commitment by both parties to work together to ensure mutually beneficial outcomes are sustainably delivered into the future.
Board and Management
Shannon Green - Managing Director
Shannon Green is an experienced mining executive and company director with over 25 years of corporate, resource development and mining operations experience. With extensive experience working in Africa and Australia, Green has managed significant projects, from greenfields exploration through feasibility through construction, into operation. He has held senior leadership roles within Australia in uranium development, as well as iron ore and gold mining operations.
David Lees - Non-executive Chairman
David Lees has over 20 years’ experience in the Australian financial services industry. He started as a stockbroker and subsequently moved into investment and funds management, providing him with extensive experience in capital markets with a diverse skill set covering investment management, business development and corporate governance. He holds a Bachelor of Economics from Murdoch University and a post graduate diploma in Applied Finance and Investment.
Jamie Myers - Non-executive Director
Jamie Myers has over 15 years in equities dealing and corporate advisory experience. He is experienced in leading transactions, including pre-IPOs, IPOs and secondary market equity raising across small and mid-cap companies. He is also the founder and managing director of boutique advisory firm Molo Capital.
Ailsa Osborne - CFO and Company Secretary
Ailsa Osborne has more than 20 years of experience as a financial professional, including more than 15 years in the resource industry in Australia and internationally. Ms Osborne has held CFO and company secretary roles with a number of ASX-listed companies. She has held senior finance roles in several listed companies operating in Australia and internationally, including in South America, Indonesia and Africa.
Uranium exploration in top producing, mining-friendly jurisdiction of Kazakhstan
NAE Commences Maiden RC Drilling at the Wagyu Gold Project, Pilbara WA
HIGHLIGHTS
- Maiden Reverse Circulation (RC) drill program of 3,000m has commenced at the Wagyu Gold Project, Pilbara WA
- Drilling Contractor, Strike Drilling, to take 50% of payment in equity, demonstrating confidence in the project’s potential
- Program aims to extend gold mineralisation strike and depth, following high-grade intercepts up to 15.6g/t gold in recent Phase 2 Air Core drilling
- The Wagyu Project is located in the Central Pilbara’s fast-emerging gold region, adjoining De Grey Mining (ASX:DEG) tenure containing its ~11.2Moz1 Hemi Gold deposit
The Wagyu Gold Project, located within a fast-emerging gold mineralised corridor, represents a highly prospective Gold opportunity ~9km within the same mineralised trend as De Grey Mining’s (ASX:DEG) Hemi Gold Deposit containing ~11.2 Moz1 (refer to Figure 1) in the Central Pilbara.
NAE Executive Director Joshua Wellisch commented:
"The commencement of RC drilling marks an important milestone in advancing the Wagyu Gold Project. The support of Strike Drilling, who has agreed to take 50% of their payment in equity, is a strong endorsement of the project’s potential. We are eager to test these high-priority targets and further define the extent of gold mineralisation.”
This 3,000m RC drill program is the next step in NAE’s systematic exploration strategy at Wagyu, following promising results from recent geophysical surveys (refer ASX Announcement 11 March 2025) and Phase 2 Air Core (AC) drilling, which confirmed multiple high-grade gold intercepts including 15.6g/t gold over 1m (refer ASX Announcement 17 February 2025). The program will test five high-priority gravity targets on the eastern side of the project area, with particular emphasis on Gravity Targets 1 & 10 (Figure 2), following up on the significant gold mineralisation (>1g/t) identified in the AC drilling (Figure 3).
Figure 1: Location Map showing NAE’s Wagyu Gold Project (E47/2974) in the Gold Mineralisation Corridor shared with De Grey’s significant gold Mineral Resources, including Hemi, Mt Berghaus and Calvert.
The Hemi Gold Mineral Resource was last updated by De Grey Mining on 14 November 20241. The estimate is for 264Mt @ 1.3g/t Au for 11.2Moz, which can be broken down into 13Mt @ 1.4g/t for 0.6Moz, 149Mt @ 1.3g/t Au Indicated for 6.3 Moz, and 103Mt @ 1.3g/t Au for 4.3 Moz Inferred.
NAE confirms that it is not aware of any new information or data that materially affects the information included in De Grey’s reported Mineral Resources referenced in this market announcement. To NAE’s full knowledge, all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.
The previous AC drilling drilled to the top of fresh rock only, and this RC program will test for primary mineralisation in fresh rock below and adjacent to the oxide mineralisation identified in late 2024. RC drilling is also intended to outline better the boundaries, nature, and extent of mineralised intrusions identified from geophysics and AC drilling.
The RC drilling campaign is scheduled for completion within four weeks, with assay results expected between late April and May 2025.
Click here for the full ASX Release
This article includes content from New Age Exploration Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Greenvale Energy: Strategic Exploration of Prospective Uranium Assets in Queensland, Northern Territory
Greenvale Energy (ASX:GRV) provides investors with a compelling entry point into the high-growth nuclear energy sector through its highly prospective uranium exploration projects. These are complemented by strategic assets with significant bitumen and renewable geothermal energy potential—all backed by a seasoned management team with a strong track record of delivering shareholder value.
Greenvale is building a diversified portfolio of projects aimed at advancing a sustainable, low-carbon energy future. The company’s assets include early-stage uranium projects in the Northern Territory, the advanced-stage Oasis uranium project in Queensland, and the Alpha Torbanite and Millungera Basin geothermal projects, also in Queensland.
The Alpha Torbanite Project presents a strategic opportunity for Greenvale Energy to support Australia’s infrastructure sector by providing a domestic source of bitumen—a critical material currently supplied entirely through imports. The project hosts a significant Inferred Resource of 28 million tonnes of torbanite and cannel coal, positioning Greenvale to potentially secure a meaningful share of the national bitumen market, which is estimated at around 1 million tonnes annually.
Company Highlights
- Uranium exploration portfolio across the Northern Territory and Queensland
- Advanced-exploration, high-grade Oasis project with intercepts up to 0.72 percent U3O8 (15.8 lbs/ton)
- Strategic coverage of the Northern Territory, with four uranium projects targeting sandstone hosted and unconformity style deposits
- Alpha Torbanite project with 28 Mt inferred resource, positioned to be the only local producer that can supply Australia’s bitumen market (consuming ~1 Mt annually through 100% imported material)
- Millungera Basin geothermal project with potential for 3.4 GW continuous power generation
- Experienced board and management team, Chaired by Neil Biddle, founding director of Pilbara Minerals
- Substantial R&D grant support for the Alpha Torbanite project, having successfully secured over $3 million in non-dilutive grant funding
- Projects aligned to the long-term zero-carbon energy transition
This Greenvale Energy's profile is part of a paid investor education campaign.*
Click here to connect with Greenvale Energy (ASX:GRV) to receive an Investor Presentation
Greenvale Energy
Investor Insight
Greenvale Energy offers investors exposure to the high-growth nuclear energy sector through its highly prospective uranium projects, complemented by strategic assets with high-value bitumen and renewable geothermal energy potential, all managed by an experienced team with a proven track record of shareholder value creation.
Company Highlights
- Uranium exploration portfolio across the Northern Territory and Queensland
- Advanced-exploration, high-grade Oasis project with intercepts up to 0.72 percent U3O8 (15.8 lbs/ton)
- Strategic coverage of the Northern Territory, with four uranium projects targeting sandstone hosted and unconformity style deposits
- Alpha Torbanite project with 28 Mt inferred resource, positioned to be the only local producer that can supply Australia’s bitumen market (consuming ~1 Mt annually through 100 percent imported material)
- Millungera Basin geothermal project with potential for 3.4 GW continuous power generation
- Experienced board and management team, Chaired by Neil Biddle, founding director of Pilbara Minerals
- Substantial R&D grant support for the Alpha Torbanite project, having successfully secured over $3 million in non-dilutive grant funding
- Projects aligned to the long-term zero-carbon energy transition
Overview
Greenvale Energy (ASX:GRV) is an ASX-listed exploration company with a portfolio of projects that will support a sustainable, low-carbon future. The Company has early-stage uranium exploration projects in the Northern Territory, the Oasis advanced-exploration project in Queensland and the Alpha Torbanite and Millungera Basin geothermal projects in Queensland. The Company believes the best way to create long-term shareholder value is by investing in exploration, to make discoveries and grow its resource-base.
The company's uranium projects in Queensland and the Northern Territory are particularly significant as global nuclear energy demand accelerates. With nuclear power projected to grow 300 percent by 2050, with nuclear power forecast to supply 30 percent of global power demand, Greenvale is positioned perfectly to leverage the expanding and globally-significant market opportunity. Major technology companies including Amazon, Google and Meta have committed to supporting the goal of tripling global nuclear capacity by 2050, further validating the sector's growth trajectory.Greenvale's portfolio includes the promising Oasis uranium project with high-grade intercepts up to 0.72 percent U3O8, four uranium projects across the Northern Territory, the Alpha Torbanite project, and the Millungera geothermal project in Queensland.
Key Projects
Uranium Projects
Oasis Project (Queensland)
The Oasis project is an advanced-exploration Project, featuring exceptional high-grade intercepts up to 0.72 percent U3O8 (15.8 lbs/ton). Originally discovered in 1973, the deposit has seen sporadic exploration including significant work by Esso in 1978/79. The project area contains extensive radiometric anomalies with multiple faults and fractures controlling the distribution of uranium mineralization.
Greenvale has developed a comprehensive work program for Oasis, beginning with regional geological field prospecting and reconnaissance, followed geophysical and geochemical surveys across the Oasis prospect and regional areas. These preliminary works are key to develop and refine targets for Greenvale’s planned maiden drill program at Oasis.
Northern Territory Uranium Projects
Greenvale has four strategic uranium projects in the Northern Territory: Jindare project in Douglas River, Henbury, Elkedra and Tobermorey. These projects target sandstone hosted and unconformity style uranium mineralization, with particular focus on areas where uranium-bearing waters may interact with hydrocarbons, creating optimal conditions for uranium deposition. The geology of these assets is similar to uranium deposits in Kazakhstan, the world’s leading producer of uranium.
The Henbury project is particularly noteworthy, located on the edge of the Amadeus Basin, a major hydrocarbon basin in the Northern Territory. Following research from Geoscience Australia, Greenvale is targeting areas at the margins of hydrocarbon cap-rocks near active structures, which represent prime locations for uranium mineralization.
Alpha Torbanite Project
The Alpha Torbanite Project represents a unique opportunity to supply Australia's infrastructure sector with domestically-produced bitumen. The project features a substantial 28 Mt inferred resource of torbanite and cannel coal, positioning Greenvale to potentially capture a significant share of Australia's annual bitumen consumption (currently assessed as approximately 1 Mt all serviced through material imported from overseas).
Torbanite is a rare type of oil shale containing exceptionally high concentrations of algal-derived hydrocarbons that can be processed to produce high-quality bitumen products. This natural conversion capability makes torbanite deposits like Alpha particularly valuable for infrastructure applications as they can yield bitumen substitutes with properties comparable to petroleum-derived products.
To date, the company has been able to secure over $3 million in non-dilutive R&D grant funding to support project development.. The Company's test program continues to show improved results, with test program 7 planned to produce a bulk sample for certification. Certification will underpin the progression of feasibility studies that will define the full economic potential of the project.
Queensland Geothermal Project
Greenvale's Millungera Basin geothermal project targets one of Australia's most prospective areas for geothermal energy. The basin contains the hottest rock formations in Queensland, with a total identified stored thermal energy potential exceeding 611,000 PJ (at 90 percent probability). Technical reports indicate the potential for an estimated annual electricity generation of 29,621 GWh from inferred resource areas, with capacity to produce 3.4 GW continuously.
Management Team
Neil Biddle - Executive Chairman
A geologist with over 40 years' experience in exploration and mining, Neil Biddle was a founding director of Pilbara Minerals, where he oversaw the acquisition, exploration and development of the world-class Pilgangoora lithium project. His extensive industry experience provides Greenvale with strong leadership and strategic direction.
Alex Cheeseman - Chief Executive Officer
A highly experienced Australian resources executive, Alex Cheeseman has over 20 years’ experience in operational leadership and project development across a range of industries. He has held general manager and CEO-level roles in a number of ASX-listed exploration and mining companies with experience in a range of commodities including iron ore, lithium and base metals. He has a demonstrated track record of success in resource project development, capital markets, corporate development and commodity marketing.
Elias Khouri - Non-executive Director
Bringing extensive experience in equity capital markets, Elias Khouri offers expertise in corporate finance, advisory, capital raisings and joint venture negotiations, enhancing the company's financial and strategic capabilities.
John Barr - Non-executive Director
John Barr is a chartered accountant with more than 25 years of experience as a company director. He was a founding director of Mosman Oil and Gas. His extensive Australian and international experience spans manufacturing, mining and oil and gas industries.
Peter Harding-Smith - Chief Financial Officer & Company Secretary
Peter Harding-Smith brings extensive experience in company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising, and company secretarial responsibilities.
Zoe Stackhouse - Exploration Manager
Zoe Stackhouse is a geologist with 20 years' experience in unconventional gas exploration and production. Stackhouse also serves as secretary of the Australian Geothermal Association, bringing specialized expertise to Greenvale's geothermal initiatives.
Mark Turner - Technical Consultant (Alpha Project)
An engineer with over 25 years' experience in the energy sector, Mark Turner has a proven track record of major project delivery across oil & gas, water, power, renewables and nuclear projects.
Blue Sky Uranium: Argentina’s Emerging Uranium Resource Developer
Blue Sky Uranium (TSXV:BSK,OTC:BKUCF)provides investors with a compelling opportunity to gain exposure to the uranium market through its strategic foothold in Argentina’s emerging uranium sector. Backed by a substantial resource base, robust project economics, and a strong joint venture partnership, the company has a clear pathway to potential production.
Blue Sky Uranium is positioning itself as a leading force in uranium exploration and development in Argentina. As part of the renowned Grosso Group—pioneers in Argentine mineral exploration since 1993 and contributors to four major mineral discoveries—Blue Sky leverages decades of in-country expertise and well-established local partnerships.
The company’s flagship Amarillo Grande Project is a unique, company-led discovery marking Argentina’s newest uranium-vanadium district. Spanning over 145 kilometers and covering more than 300,000 hectares in Rio Negro Province, this district-scale project hosts the largest NI 43-101-compliant uranium resource in Argentina at its Ivana deposit. With this strategic asset, Blue Sky is well-positioned to become the country’s first domestic uranium supplier, supporting a growing nuclear energy program that currently relies entirely on imported fuel.
Company Highlights
- Significant Uranium Resource: Controls the largest NI 43-101 compliant uranium resource in Argentina with 17 Mlbs U3O8 in indicated resources and 3.8 Mlbs in inferred resources, plus valuable vanadium credits.
- Positive Economics: 2024 PEA shows robust economics with after-tax NPV8 percent of US$227.7 million and 38.9 percent IRR at base case uranium price of US$75/lb.
- Low-cost Production Potential: Near-surface mineralization with no blasting required, hosted in loosely consolidated sediments, making for potentially low mining costs.
- Strategic JV Partnership: Secured an earn-in agreement with COAM to advance the Ivana deposit with no funding required by Blue Sky through development. COAM will spend up to US$35 million to earn up to a 49.9 percent interest, and can further earn up to 80 percent by funding development costs to production (up to US$160 million).
- Strong Uranium Market Fundamentals: Global uranium market faces supply deficits with increasing demand from nuclear power generation, with prices strengthening significantly since 2023.
- Domestic Market Opportunity: Argentina has three operational nuclear plants with others under construction or planned, yet imports all uranium for fuel. National legislation guarantees purchase of domestically produced uranium.
- ISR Project Pipeline: New projects in the Neuquen Basin provide future growth through potential in-situ recovery operations, a method that produces 57 percent of the world's uranium with minimal environmental impact.
This Blue Sky Uranium profile is part of a paid investor education campaign.*
Click here to connect with Blue Sky Uranium (TSXV:BSK) to receive an Investor Presentation
C29 Metals Investor Kit
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- Upcoming projects